MMMF Assets Drop Below $3.1 Trillion
ICI's latest weekly "Money Market Mutual Fund Assets shows assets falling below the $3.1 trillion level for the first time since November 2007. Yesterday afternoon's release said, "Total money market mutual fund assets decreased by $36.22 billion to $3.090 trillion for the week ended Wednesday, March 10, the Investment Company Institute reported today. Taxable government funds decreased by $18.82 billion, taxable non-government funds decreased by $12.35 billion, and tax-exempt funds decreased by $5.05 billion." Year-to-date, money fund assets have declined by $203 billion, or 6.2%, with institutional assets falling $169 billion, or 7.6%, and retail assets falling $34 billion, or 3.2%. Over 52 weeks, money fund assets have fallen a startling $816 billion, or 20.9%. (Institutional assets have fallen $485 billion, or 19.1%, and retail assets have fallen $331 billion, or 24.3%.) In other news, see "FDIC Board Approves An Extension Regarding the Safe Harbor Protection for Securitizations", which says, "The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved by notational vote an extension through September 30, 2010 of the Safe Harbor Protection for Treatment by the FDIC as Conservator or Receiver of Financial Assets Transferred by an Insured Depository Institution in Connection With a Securitization or Participation." (The ASF send out a release too.) Finally, see The Wall Street Journal's "Reserve Management Demands Trial in Fraud Case".
